Decision Making

The problem

Managers make decisions to obtain the desired outcomes under risk, uncertainty, and resource constraints (time, people, money).

They rely on experience, intuition, creativity, and cooperation, often enhancing these with data-based insights and experiments.

Yet all these components are prone to hidden traps, systematic mistakes, narrow perspectives and manipulations, which lead to losses and shortfalls.

Only by acknowledging this issue can managers make wiser decisions.

The errors

  • Not knowing when to trust and doubt intuition

  • Failing to prioritize and delegate decisions

  • Learning the wrong insights from data

  • Being influenced by irrelevant factors

  • Solving the wrong problem

  • Relying on readily available options

  • Underestimating rare threats

  • Overestimating control over opportunities

  • Not harnessing the advantages of groups

  • Failing to predict and manage others’ decisions

Errors
Costs

The cost

A recent McKinsey Global Survey on managers revealed that "only 20 percent say their organizations excel at decision making. [...] On average, respondents spend 37 percent of their time making decisions, and more than half of this time was thought to be spent ineffectively.

For managers at an average Fortune 500 company, this could translate into more than 530,000 days of lost working time and roughly $250 million of wasted labor costs per year." And this is without considering the losses due to faulty decisions that involve lost opportunities, wrong investments, and neglected preventions.

Our solution

SOYER Decision Advisory offers talks, workshops, and consultancy projects based on scientific strategies and methods to reduce errors and increase insights in decision making.

Decide wiser.
Benefits

The benefits

  • Save time, money, and effort by refining decision processes to improve profitability.

  • Better predict and influence customer and employee decisions.

  • Differentiate between which decision advice is relevant and applicable, and which is not.

  • Sustain growth by reducing mistakes in judgments and boosting valuable insights.

  • Build resilience to crises by adapting to uncertainty and improving problem solving.

  • Enhance decision synergies across different levels and departments of the organization.

The results

Increased efficiency. Correctly judging the importance of decisions leads to effective resource management and an improved bottom line.

Higher ROI. Better understanding what makes the difference between success and failure leads to reliable investments, securing future profits.

Engaged workforce. Optimal use of employees to gain actionable insights, reduce turnover, prevent crises, and seize opportunities.

Wiser growth. The benefits of skilled decision makers (revenue, brand building, etc.) grows exponentially, while costs remain linear, ensuring sustained profits.

Results